Today’s opinions from the Supreme Court are important (the Arizona Immigration Law is only mostly unconstitutional, giving children mandatory life sentences is cruel and unusual, and corporations are exactly what the Founders thought of as people). But The Rational Middle wonders about other important goings on in our republic. Thoughts follow after the page break:
- One, two, three, and four years after Very Serious People (AKA the Deficit Chickens) predicted hyperinflation, inflation is lower than it was during Saint Ronny the Gipper’s Morning in America. Incidentally, those same folks also predicted damaging rises in interest rates...what are 30 year mortgages and 10 year Treasuries running these days?
- Number one is important, because the failed projections were made (and continue to be made) by the folks who convinced us that we should be more concerned about federal debt than job-creation.
- Remember when every story on Fox News was about Obama’s surging gas prices? Heck, every story on all of the outlets of the so-called liberal mainstream media were about rising gas prices. Where is all of the coverage now?
What this looks like, is another example of “everything bad is Obama’s fault, and everything good is either an accident, or related to the Confidence Fairy.” (For readers who aren’t aware of the Confidence Fairy, she is Krugman’s apparition that explains the ridiculous conservative meme about what makes business tick. In this fantasy, competent firms don’t make investments in the factors of production when they face an exploitable market need, like say consumer demand for products they market, they invest when they think taxes are going to go down.)
If there is ever a question as to why otherwise intelligent folks like Mitt Romney can’t keep his stories straight on the economy, or national defense, or immigration, (or anything else), one need only refer to the above stories. Conservative economists have not made a correct prediction about a macroeconomic issue in decades (since they last had analytical integrity); as a result, conservative policy-makers are forced to constantly shift their stories to hide the failures. Conservative information-media, like Fox, only care about perpetuating mythology, so conservative policy-makers are constantly forced to move their talking points to keep up with the scare story of the week.
The truly sad part of this story is that the actors formally known as news organizations have become so afraid of being called “liberal media”, and become so convinced in the notion of journalism as “balanced story-telling” instead of “reporting”, that none of this ever really comes to light. Call me night or day if you ever hear of 60 Minutes asking Alan Greenspan why he was so wrong for so long.
The Rational Middle is listening, and we hope you are as well…its election year, after all…